Honeycomb sandwich is a structure with three layers, which offers high strength, stiffness, corrosive resistance, minimum raw material requirement. Increase in space and aviation activities across the world drives the market growth. These materials are widely used in the construction, automotive, and marine industries, as these provide remarkable mechanical properties and are lightweight, thus conserving fuel and reducing the weight of the marine vehicle. However, capital-intensive nature due to high cost of production and raw materials hampers the growth of the honeycomb sandwich material market. Meanwhile, 3D printing of honeycomb panels is expected to provide lucrative opportunities to the honeycomb material manufacturers.

行情回顾：本周中信国防军工指数涨跌幅17.62%，位列29 个一级板块涨跌幅第1 位。国防军工三级行业中,国防军工、兵器兵装、航空军工、航天军工及其他军工都处于涨势，涨幅分别为17.62%、14.25%、22.74%、13.25%及17.26%。目前中信军工一级行业PE 在98X 左右。

碳纤维系列报告分为三篇，此为最后一篇，主要梳理全球碳纤维生产龙头发展历程及优势、以及我国企业发展模式及依托，并以此为借鉴，探讨中国碳纤维生产企业的突破重点及我国碳纤维特色发展之路。

试验检测全程伴随装备发展：试验、检测是保证现代装备实现先进性能指标的重要环节，贯穿装备的全生命周期。军工装备从最初的立项论证和方案设计，到最后的性能试验、交付和鉴定等各个环节，都离不开相应的试验、检测项目作为验证和支撑。

7 月初以来，在中航沈飞、洪都航空等新型军机主机厂涨幅带动下，军工板块形成系统性行情。本轮行情的主导因素有二：一是基本面变化：新型军机、航天装备需求的结构性加速，叠加过去五年一批优质军工资产通过IPO 或重组进入A 股，核心股票池腾笼换鸟，十数个军工标的未来五年可以预期30%以上复合业绩增速；二是板块轮动：自2015 年上一轮牛市见顶以来的过去5年，军工板块总体走势处于单边下行通，主流军工标的2020PE 回落至25~45倍之间，与前期持续强势的其它科技、医药、消费板块横向比较优势突出；机构持仓显著低配，主动公募基金军工持仓比例自2016Q2 的5.6%（标配3.0%）下降至2020Q2 的0.9（标配2.3%）

在国防战略“补偿式”发展背景下，军工行业在军队的刚性需求支撑下具有长期增长的能力，板块仍具有持续上涨的基础。在实战化训练加速和军队信息化建设大背景下，推荐围绕“产业拐点”进行布局。产业拐点意味着该领域将具有长期的业绩弹性和高确定性，也意味着具有较高的安全边际。

Mechanization in the agricultural sector played a vital role in terms of transformation, especially in the high income countries Additionally, in the emerging markets (such as African countries, ASEAN countries, and other developing countries), the adoption rate of mechanization in the agricultural sector has been gradually increasing, since the past few years Some of the major factors driving the demand for mechanization are rapid urbanization, growth of medium sized farms, and rising rural wages, along with seasonal labor shortages The rising demand for mechanization, along with an increasing number of medium scale farmers, is driving the adoption of tractor hiring in Ghana and other African countries, majorly in the south of Sahara This is expected to allow tractor owners to fully utilize their machines, while providing services to farmers who cannot afford their own tractors. In October 2018 FAO and the African Union launched a new framework that aims to increase agricultural efficiency, while reducing hard work and labor, by helping countries in Africa to develop strategies for sustainable farm mechanization